7-1-601 - Adverse claim to account in depository institution -- Notice required -- Bond may be required for payment. - Utah Statutes

7-1-601. Adverse claim to account in depository institution -- Notice required --Bond may be required for payment.
Receipt of a notice of an adverse claim to a deposit or other account standing on the booksof any depository institution doing business in this state does not obligate the depositoryinstitution to the adverse claimant, unless the notice is given pursuant to an appropriate courtorder, obtained by the adverse claimant in a legal action instituted by him in which the person towhose credit the deposit stands is made a party. Such depository institution may also pay theadverse claim, if the claimant executes to the depository institution a good and sufficient bond indouble the amount claimed, indemnifying it from any and all liability, loss, damage, costs andexpenses including attorneys' fees for and on account of the payment of the adverse claim or thedishonor of a check or other instrument of the person to whose credit the deposit stands on itsbooks.

Enacted by Chapter 16, 1981 General Session